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Tower Group International, Ltd. has filed a Form 8-K stating that, on May 20, the Massachusetts Department of Insurance entered an amended order of administrative supervision with respect to Tower subsidiaries.

ACP Re Ltd. will acquire 100% of the outstanding stock of Tower Group International and merge Tower with a subsidiary. AmTrust will acquire the renewal rights of Tower Groups commercial lines insurance operations, and National General Holdings Corp. will acquire the personal lines renewal rights.

Fitch says it believes Tower's competitive position has been substantially reduced and has material concerns about Tower's ability to maintain current business.

Tower Group International this week announced the sale of its stake in Canopius Group Limited for $69.7 million to pay off a $70 million bank line, and also reported additional reserve charges in some commercial lines including workers compensation.

Tower Group International says there is substantial doubt about [its] ability to continue as a going concern" after reporting a $507.3 million 2013 second-quarter net loss due in large part to over $300 million in reserve strengthening reported last month.

Insurance rating agency A.M. Best Co. has downgraded the financial strength rating of Tower Group following the insurers reserve-strengthening announcement.

Tower Group International says it needs to strengthen loss reserves by about $365 million for accident years 2009-2011, resulting in an impairment charge of $215 million for the second quarter.

Tower Group International says it will receive $5 million in exchange for the termination of its previously announced agreement to buy American Safety Reinsurance from Fairfax Financial Holdings.